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EMV Migration: Everything Credit Unions Need to Know

From the liability shift to managing cryptographic keys, learn everything you need to know about EMV.

By Johannes Lintzen | Updated on December 22, 2014
Johannes LitzenIt seems as of late, no one is safe from getting hacked. From hospitals to retail giants, cybercrimes are becoming more sophisticated and more frequent. While financial institutions are one of the most advanced electronic industries today, the financial industry also controls some of the most valuable assets and therefore has the most to lose in an attack.

EMV is a global standard for credit and debit payment cards based on chip card technology. EMV seeks to make financial transactions more secure. In October 2015, so-called liability shift sets in. From this point forward, both merchants and issuers (including credit unions) alike will be liable for fraud incurred if they have not yet adopted EMV technology.

Unlike many financial industry mandates, EMV migration is not a government mandate; instead, the change is being driven by the major credit card players in the banking industry (American Express, Discover, JCB International, MasterCard and Visa). The United States is far behind in transitioning toward the safer payment method of chip and pin compared to Europe, which has been deploying EMV for almost 20 years.

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